Gander Gold Corp. announced preliminary results from its recently completed Rotary Air Blast (RAB) drill program at the "Islander Zone" on Thwart Island, Newfoundland. Gander's Thwart Island claims form part of the Company's larger Botwood-Laurenceton-Thwart Island (BLT) Project in the Bay of Exploits region of Newfoundland.

The first-ever drilling at Thwart Island was conducted in Summer 2023 by Gander Gold and consisted of three RAB drill holes totaling 193.5 meters of drilling. Anomalous gold mineralization was intersected in all three drill holes. The first hole drilled (BLTRAB23-001) intersected three individual zones of Gold-Silver-Arsenic mineralization and ended in anomalous Gold-Silver-Arsenic mineralization (Au-Ag-As; 118ppb, 0.03ppm, 1213ppm respectively) indicating the fourth intersected zone of Au-Ag-As mineralization remains open at depth.

The drillhole was collared near to two surface grab samples grading >1.0 g/t Au. The second hole drilled (BLTRAB23-002) was drilled in the vicinity of the 5939.5ppb Au-in-soil sample collected from the Islander Zone during the 2022 regional soil geochemistry program. This sample was the single highest grade gold result from the Company's approximate 40,000 soil sample program across its eight Newfoundland project areas.

Anomalous Au-Ag-As-Sb mineralization starts at a downhole depth of 12.2m and continues through 19.8m. This subsurface zone of anomalous Au-As mineralization is indicative of a gold system occurring in this area and is possibly connected with the surface soil sample of 5939.5ppb Au and 654.8ppm As. The third drillhole (BLTRAB23-003) encountered anomalous Cu mineralization immediately at the bedrock interface through to the end of the drillhole.

Anomalous Au-As mineralization was continuous from 18.3m - 24.4m. The Islander Zone and Thwart Island area is a developing gold prospect. Positive soil geochemistry surveys (Au-in-soil up to 5939.5ppb) and prospecting results (up to 1.23 g/t Au) accumulated to date and validated by subsurface RAB gold mineralization results has confirmed the prospectivity of the Thwart Island area.

Associated with zones of gold mineralization is a strong supporting Silver-Arsenic-Antimony (Ag-As-Sb) geochemical signal, which is consistent with geochemical signals at other developing gold camps in Newfoundland.